Two upgrading units at Egyptian refineries are due to start up this year, helping put a temporary dent in the huge $11.5bn import bill. But years of under-investment mean the import bill will rise further in the medium-term.

Egypt’s aging refineries are in severe need of upgrading, with years of underinvestment meaning that despite the country producing almost 700,000 b/d of crude oil a year, it is still forced to import oil products. Currently there are seven refineries and two...